LONDON, ENGLAND, June 08, 2012 (Press-News.org) Earlier in the week the US government confirmed economic growth in America had stalled during the first-quarter of the year, as gross domestic product (GDP) rose by just 1.9% from January through to May, reports currency exchange experts, Currencies Direct.
Initially the department of commerce expected GDP to be around the 2.2% mark. However, cuts in private sector jobs were said to have stained prior optimism.
According to figures published by outplacement firm Challenger, Gray & Christmas, US employers cut 61,887 jobs in May, the most since September 2011. The biggest losses came from electronics giant, Hewlett Packard, who recently confirmed plans to cut 27,000 manufacturing jobs from its US workforce.
This shouldn't come as a surprise. Although US unemployment has remained relatively stable (approximately 8.1%), both manufacturing and construction industry sectors, including 'blue-collared' type jobs, continue to bear the brunt of employment cuts.
Indeed the 2008 recession hit blue-collared Americans much harder than it did the number crunchers on Wall Street. According to The Economist, it's estimated that over 4 million blue-collared jobs were lost during the worse periods of the recession in 2008-2010. However even after such a nadir, little has bolstered employment opportunities in these sectors since. Even the federal government's decision to bailout the 'big three' American carmakers, Chrysler, General Motors and the Ford Motor Company, in 2011 failed to protect and produce jobs.
Yet the amount of exports leaving the US remains strong. America is still the world's third largest exporter- three of the five top exporting products come from the manufacturing sector (Aircraft, passenger cars and automotive accessories) - and exchange rates still favours the dollar against many other currencies.
It's also election year, and President Obama and Mitt Romney have both laid out plans to tackle manufacturing growth, if elected. Mr Romney promises to get tough with China, while Mr Obama aims to publicise his $1 billion manufacturing initiative.
For additional information about currency exchange solutions and international payments, don't forget to visit Currencies Direct.
About Currencies Direct
Currencies Direct is one of Europe's leading non-bank providers of currency exchange payment services. Since its formation in 1996 Currencies Direct has evolved and positioned from being an innovative service provider of foreign exchange for consumers and high net worth individuals into a dynamic and pioneering 'business to business' fully integrated treasury solution service provider.
Head quartered in the City of London (United Kingdom) with operations in Europe, Africa, Asia and the United States, Currencies Direct is part of the Azibo Group, a privately owned investment company.
Website: http://www.currenciesdirect.com/
Currencies Direct: Is America Losing its Manufacturing Muscle?
Stagnant economic growth in the US continues to affect manufacturing job growth but export production remains high.
2012-06-08
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[Press-News.org] Currencies Direct: Is America Losing its Manufacturing Muscle?Stagnant economic growth in the US continues to affect manufacturing job growth but export production remains high.